Selling your flat can be expensive.
So, understanding the costs involved and how to keep them down helps.
We’ve answered this question below.
The average total cost of selling a flat
On average, it costs a total of around £5,500 to sell your flat in the United Kingdom.
You’ll see variation in this number depending on:
- Your location
- The type of flat you are selling or buying
- Local and national market conditions.
This total is made up of the below costs.
Selling a flat vs. selling a house
There are differences between selling flats and houses.
Estate agents charge based on a percentage of your property value, and flats are generally less expensive.
Likewise, removal companies often charge less because flats have fewer items in a flat.
Conveyancing costs tend to be lower, too. After all, flats rarely require checks of outdoor areas, gardens or extensions.
The costs of selling a flat
1. Estate agent fees
Estate agents’ fees cover marketing (including listings) and hosting viewings. They’ll also negotiate on price and liaise with others in the chain.
This fee is usually charged as a percentage of your flat value. It can range from 1% to 2%, with 1.5% being typical.
Average estate agent fees
A typical flat costs £232,436 in the United Kingdom, which gives an average cost of £3,486.54.
Alternatives to estate agents
There are several alternatives to selling with estate agents.
These include:
- Selling privately
- Selling at an auction
- Selling with a cash buyer
While these will save on estate agent fees, they may cost you money in other ways, including marketing fees or a reduced selling price.
2. Legal fees
Legal fees are a core part of selling your flat. You need a conveyancer or solicitor to handle all the documentation and form-filling.
This involves liaising with your buyer’s solicitor. Some of the main legal processes include:
- TA6 Form (Property Information Form)
- TA10 Form (Fixtures and Fittings Form)
- Leasehold Information Pack
- Changing Title Deeds on the Land Registry
- Gathering evidence of planning permissions, rights of way, and more.
Your solicitor should have professional indemnity insurance in case something goes wrong.
Average legal fees:
The average legal costs when selling your flat are around £1,200. This can vary, depending on the complexities involved.
3. Removal costs
You should contact a removal company to get a quote for moving all your items.
Usually, if you buy another house on the same day you sell, they’ll move your property into your new home.
Otherwise, it may need to go to a storage unit, or a parent’s home.
You get charged based on the number and size of items, plus how far you need to travel.
Average removal costs
This price is usually lower for a flat because you’ll less likely to have lots of things. Around £500 is typical.
4. Remortgaging costs
Lots of homeowners wait until a current mortgage deal expires before moving house.
This prevents you from paying early repayment fees. Otherwise, you could need to pay £100s to leave your mortgage early.
There are costs involved with taking on a new mortgage, too.
Average remortgaging costs
Pay attention to the small print to see how much this will be. Around £1,000 in total for this entire process is typical.
5. Energy Performance Certificate (EPC)
If you haven’t already, you often need to pay to get an Energy Performance Certificate (EPC) done.
Even if the previous owners did this, it expires after 10 years.
Average EPC cost:
The average price for an EPC is around £150.
